President Donald Trump of the United States on Wednesday said he would work with Republicans in Congress to significantly cut taxes for individuals and companies.
Trump stated this at a conference hosted by Saudi Arabia’s sovereign wealth fund in Miami.
He said his plan will also reduce taxes on domestic producers of oil and gas, and enable companies to expense 100% of investments in new domestic factory construction and other capital expenses.
“We’re going to dramatically cut taxes for families and for workers and for companies, including no tax on tips and hopefully no tax on Social Security and no tax on overtime.
“If you buy something that is going to be good for our country, we’re going to let you expense it,” he said.